Capitol Wine & Spirit Corp. v. Pokrass

The action is by a corporation to recover for misappropriation and waste of its assets by former officers, directors and others. The complaint has been dismissed on motion for summary judgment by defendants Pokrass, who formerly owned about 75% of the stock, in view of the circumstance that all of the wrongful acts are charged with having been committed prior to June 27, 1946, when one Joseph Sachs purchased the entire outstanding stock in this corporation, which he now holds. The action is thus brought entirely for the benefit of Sachs, except insofar as the rights of creditors might have…